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How does this work on a technical level with regards to contactless/chip payments? Who owns (and who has a copy of) the secret data inside the chip?

It also seems to me that if Visa/MC were smart they would write (or have written) into their TOS provisions disallowing this. Both refusing to allow stripe to issue cards which would bypass them as well as refusing to allow stripe to process cards without going through them. I'm sure there could be some justification for that (security or privacy or some other nonsense), but, it seems like this is a slippery slope to cannibalizing Visa/MC out of existence, not that I'm objecting to that per-se, but I assume Visa/MC would want to avoid it.




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